The UK multinational energy and services company Centrica has purchased the US energy company SmartWatt in a £29 million deal.
SmartWatt’s main business involved helping organisations to increase their energy efficiency, completing in excess of 24,000 energy solutions projects for major organisations such as Pepsi, Nestle, FedEx and the University of California.
They also aim to reduce costs through efficiency upgrades and light retrofits. Projects undertaken include water conservation, solar power, performance assurance and building automation in order to meet customers’ energy requirements.
The acquisition sees a further move into energy efficiency, as Centrica seeks to expand on the core business of gas and electricity.
Jorge Pikunic, Global Managing Director of Centrica Business Solutions, said: “The addition of SmartWatt will expand our operations throughout the US with technologies that complement our existing energy solutions capabilities.
“SmartWatt’s impressive reputation delivering energy solutions and innovative financing, together with our existing technology and trusted customer relationships through Direct Energy Business, will help accelerate our growth in the US.”
Centrica is the owner of British Gas, who recently announced that they planned to cut 4,000 jobs globally, with 700 staff in the UK set to lose their jobs.
Nigel Fry, General Practice Partner at Milsted Langdon, said: “This acquisition sees Centrica move further towards energy efficiency and the US market, with the firm targeting expansion in North America.
“For advice on matters relating to mergers and acquisitions, contact us today.”
Latest posts by Nigel Fry (see all)
- HMRC announces £16 million Brexit grant fund - September 18, 2019
- New council to increase access to small business finance, says minister - September 6, 2019
- Overseas interest in UK food and drinks sector remains strong despite Brexit - August 21, 2019